Several federal financial regulators (the “Agencies”) have approved and published an interagency proposal to establish data standards that promote interoperability of financial regulatory data across these agencies (the “Proposal”). The Agencies issued the Proposal as required by the Financial Data Transparency Act of 2022 (FDTA) and have requested comment on their jointly established data standards.
Comments on the Proposal are due 60 days after it is published in the Federal Register, which is expected shortly. In this Legal Update, we provide background regarding the FDTA and summarize key aspects of the Proposal. Continue reading.